Why So Many Sellers Are Cutting Their Price Right NowPrice cuts are turning up everywhere right now, and they read very differently depending on which side of the deal you’re on.Sellers tend
How Much to you need for your Down Payment
Dated: January 3 2023
Views: 21
Wondering How Much You Need To Save for a Down Payment?
If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don't let a common misconception about how much you need to save make the process harder than it could be.
Understand 20% Isn’t Always the Typical Down Payment
Freddie Mac explains:
“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):
Learn About Options That Can Help You Toward Your Goal
If saving for a down payment still feels like a challenge, know that there’s help available. A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.
Plus there are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.
To understand your options, be sure to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.
Bottom Line
Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your down payment options.
Paul Deathriage
Your Visalia & Tulare County Real Estate ExpertI’m Paul Deathriage, a trusted real estate professional serving Visalia, Tulare County, and the surrounding Central Valley communities. With ye....
Latest Blog Posts
There Are 4 Types of Housing Markets Right Now. Which 1 Are You In?Today’s housing market splits into four distinct types. You’ve got cash buyers, buyers financing a purchase, owners who
3 Things You Can Actually Control About Your Mortgage Rate Right NowIf you're trying to buy a home, affordability is probably what keeps you up at night. And as you watch mortgage rates tick up
Selling This Fall? You Want To Get These 4 Things Right.Selling your house this fall is absolutely doable. But there’s something you need to know about this time of year. Buyer activity
© 2026 Fresno Association of REALTORS ®. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data eXchange (IDX) of the Multiple Listing Service. Real estate listings held by brokerage firms other than Anderson Real Estate Group are marked with the IDX logo and detailed information about them includes the name of the listing broker and the name of the listing agent.
All data, including all measurements and calculations of area,
Tulare County Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be
